NAB (National Australia Bank) – this month has taken an unusual however welcome step in not increasing their variable home loan interest rate in line with the other members of the Big Four – ANZ, Westpac and Commonwealth Banks.
Customers that held a variable rate home loan received an email from Andrew Thorburn CEO outflinging that the banks interest rates would remain on hold, to ‘reward you for your loyalty, for as long as we possibly can.’, and that the bank is ‘..listening – and we are taking action…’.
In what would be a welcome piece of news for NAB customers, the CEO advised that rates are consistently being reviewed and he cannot promise that they will not rise in the future.
So, if you’re currently banking and have lending with the NAB, make hay whilst the sun still shines (and interest rates are low) to look at additional funding for your new company. With savings made at the home loan end – perfect time to borrow to start your new company.
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